ELEKTRON plc
('Elektron', or 'the Company', or 'the Group')
APPOINTMENT OF CEO , GROUP RESTRUCTURE
AND TRADING UPDATE
Elektron announces good progress with the integration of the operations which joined the Group as a result of the Hartest Holdings Plc acquisiton in September 2010, and confirms that recent trading performance is in line with market expectations.
Following the acquisition of Hartest Holdings Plc, the Group has reviewed the approach to new product development ("NPD") within its diverse business interests, and announces today a restructuring designed to provide an even greater focus on using its core technologies for further innovative product design and development. The Group's interests will be principally focused on the following core technologies:
· Monitoring and control of temperature/pressure and environmental systems
· Harsh environment connectivity and sealing, indication and illumination
· Precision instrumentation and measurement systems
· Electronic management systems
As a result, John Wilson,currently a Board member and Divisional Managing Director of Elektron Technology, is today appointed Chief Executive Officer of the Group. John's experience lies in fast tracking technology NPD to market and he will drive the NPD effort as well as take responsibility for operational matters. Keith Daley will remain as Executive Chairman with responsibility for strategic matters, including acquisitions. As NPD increasingly becomes the nucleus of the Group the rationale for maintaining a divisional structure becomes less sustainable. As a consequence, Elektron Ventures will cease to be a separate operating division within the company and Neill Ricketts, Divisional Managing Director of Elektron Ventures, is stepping down from the Board with immediate effect.
Keith Daley, Chairman, commented: "A key strength of Elektron is the diversity of technologies contained within its various business units. The changes announced today will enable the Group to capitalise on this strength through a single NPD management structure."
Elektron |
Tel. +44 (0) 1708 336 300 |
Keith Daley, Chairman |
|
Geoff Spink, Group Finance Director |
|
|
|
finnCap |
Tel. +44 (0)20 7600 1658 |
Ed Frisby / Rose Herbert - Corporate Finance |
|
Simon Starr - Corporate Broking |
|
|
|
Threadneedle Communications |
Tel. +44 (0)20 7653 9850 |
Josh Royston |
|
Hilary Millar |
|